T.

ROWE

PRICE

Overseas

Stock

Fund

January

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

AUSTRALIA

4.5%

Common

Stocks

4.5%

Australia

&

New

Zealand

Banking

Group 

5,045,341‌

95,351‌

BHP

Group 

1,908,445‌

61,205‌

BHP

Group

(GBP) 

4,985,277‌

157,359‌

Challenger 

9,543,235‌

38,983‌

IGO 

26,940,631‌

227,945‌

Macquarie

Group 

894,129‌

116,873‌

Rio

Tinto 

629,313‌

50,034‌

Scentre

Group 

37,562,144‌

77,984‌

South32 

30,635,261‌

84,287‌

Worley 

11,823,019‌

97,418‌

Total

Australia

(Cost

$799,978

)

1,007,439‌

AUSTRIA

0.5%

Common

Stocks

0.5%

Erste

Group

Bank 

2,384,404‌

111,448‌

Total

Austria

(Cost

$72,602

)

111,448‌

BELGIUM

0.3%

Common

Stocks

0.3%

Umicore 

1,819,771‌

68,889‌

Total

Belgium

(Cost

$53,549

)

68,889‌

BRAZIL

0.4%

Common

Stocks

0.4%

XP,

Class

A

(USD) (1)

2,438,625‌

81,231‌

Total

Brazil

(Cost

$76,143

)

81,231‌

CANADA

4.0%

Common

Stocks

4.0%

Definity

Financial (1)

1,011,821‌

22,940‌

Element

Fleet

Management (2)

12,474,643‌

127,087‌

Magna

International

(USD) 

2,458,132‌

198,150‌

Manulife

Financial 

5,295,296‌

110,268‌

National

Bank

of

Canada 

2,765,885‌

221,288‌

T.

ROWE

PRICE

Overseas

Stock

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Sun

Life

Financial 

4,081,505‌

231,151‌

Total

Canada

(Cost

$623,612

)

910,884‌

CHILE

0.5%

Common

Stocks

0.5%

Antofagasta

(GBP) 

6,712,449‌

122,109‌

Total

Chile

(Cost

$81,000

)

122,109‌

CHINA

1.2%

Common

Stocks

1.2%

Alibaba

Group

Holding,

ADR

(USD) (1)

249,838‌

31,427‌

Beijing

Enterprises

Holdings

(HKD) 

11,329,000‌

38,620‌

JD.com

(HKD) (1)

44,257‌

1,508‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

92,544,000‌

86,228‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

7,164,500‌

56,856‌

Tencent

Holdings

(HKD) 

929,400‌

58,239‌

Total

China

(Cost

$235,989

)

272,878‌

FINLAND

1.5%

Common

Stocks

1.5%

Sampo,

Class

A 

3,951,844‌

196,141‌

Stora

Enso,

Class

R 

6,974,810‌

141,987‌

Total

Finland

(Cost

$231,883

)

338,128‌

FRANCE

10.0%

Common

Stocks

10.0%

Air

Liquide 

841,431‌

143,934‌

AXA 

10,136,110‌

321,021‌

BNP

Paribas 

1,967,760‌

140,477‌

Engie 

14,251,728‌

219,217‌

EssilorLuxottica 

708,173‌

133,976‌

Ipsen 

612,537‌

59,600‌

Kering 

144,574‌

107,963‌

L'Oreal 

495,623‌

211,704‌

Legrand 

985,985‌

100,347‌

Safran 

879,040‌

106,425‌

Sanofi 

3,315,617‌

346,688‌

Teleperformance 

266,055‌

100,193‌

T.

ROWE

PRICE

Overseas

Stock

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

TotalEnergies 

4,346,653‌

247,183‌

Total

France

(Cost

$1,721,566

)

2,238,728‌

GERMANY

9.7%

Common

Stocks

9.7%

BASF 

1,706,888‌

130,729‌

Bayer 

2,984,293‌

181,307‌

Covestro 

1,705,409‌

102,313‌

Evotec (1)

1,868,102‌

75,592‌

Fresenius 

3,258,652‌

134,518‌

KION

Group 

1,723,246‌

159,320‌

Knorr-Bremse 

620,356‌

62,898‌

Munich

Re 

1,050,047‌

332,429‌

SAP 

1,464,029‌

183,679‌

Siemens 

3,004,325‌

477,000‌

Siemens

Healthineers 

2,542,922‌

163,414‌

Stroeer 

844,014‌

63,196‌

Zalando (1)

1,473,353‌

116,937‌

Total

Germany

(Cost

$1,977,121

)

2,183,332‌

HONG

KONG

0.5%

Common

Stocks

0.5%

AIA

Group 

5,870,400‌

61,286‌

Samsonite

International (1)

21,922,800‌

45,819‌

Total

Hong

Kong

(Cost

$85,702

)

107,105‌

INDIA

0.5%

Common

Stocks

0.5%

Housing

Development

Finance 

3,019,423‌

102,902‌

Total

India

(Cost

$75,379

)

102,902‌

IRELAND

0.4%

Common

Stocks

0.4%

DCC

(GBP) 

1,172,126‌

98,556‌

Total

Ireland

(Cost

$72,894

)

98,556‌

T.

ROWE

PRICE

Overseas

Stock

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

ITALY

1.7%

Common

Stocks

1.7%

Intesa

Sanpaolo 

28,156,156‌

83,676‌

Moncler 

1,908,300‌

122,474‌

Prysmian 

3,749,219‌

126,429‌

Telecom

Italia 

98,201,261‌

43,853‌

Total

Italy

(Cost

$305,568

)

376,432‌

JAPAN

20.5%

Common

Stocks

20.5%

Asahi

Kasei 

10,446,800‌

103,193‌

Astellas

Pharma 

15,943,800‌

257,342‌

Central

Japan

Railway 

619,800‌

81,324‌

CyberAgent 

9,186,600‌

107,118‌

Denso 

1,398,500‌

104,375‌

Electric

Power

Development 

3,534,600‌

46,382‌

Hamamatsu

Photonics 

1,763,600‌

90,228‌

Honda

Motor 

1,765,700‌

52,005‌

Kirin

Holdings 

3,782,600‌

60,628‌

Mitsubishi 

3,194,300‌

108,454‌

Mitsubishi

Electric 

14,258,000‌

178,559‌

Mitsubishi

HC

Capital 

9,423,400‌

48,669‌

Mitsubishi

UFJ

Financial

Group 

16,872,800‌

102,271‌

Mitsui

Fudosan 

7,317,500‌

156,868‌

Murata

Manufacturing 

1,933,800‌

145,389‌

Nippon

Telegraph

&

Telephone 

13,087,600‌

374,538‌

NTT

Data 

11,948,000‌

229,052‌

Omron 

949,300‌

69,403‌

Otsuka

Holdings 

2,741,800‌

93,543‌

Panasonic 

11,516,200‌

126,788‌

Pola

Orbis

Holdings 

1,182,400‌

17,623‌

Recruit

Holdings 

2,990,500‌

147,816‌

Renesas

Electronics (1)

5,619,600‌

64,495‌

Seven

&

i

Holdings 

3,932,700‌

200,012‌

SMC 

102,700‌

57,282‌

SoftBank

Group 

1,354,100‌

59,986‌

Sony

Group 

1,653,600‌

184,986‌

Stanley

Electric 

2,648,100‌

61,898‌

Sumitomo 

6,977,600‌

107,842‌

Sumitomo

Mitsui

Trust

Holdings 

2,039,267‌

70,520‌

Sumitomo

Rubber

Industries 

3,070,900‌

31,955‌

Suzuki

Motor 

2,218,300‌

94,442‌

T.

ROWE

PRICE

Overseas

Stock

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

TechnoPro

Holdings 

4,212,700‌

107,770‌

THK 

1,917,500‌

47,912‌

Tokio

Marine

Holdings 

3,092,800‌

184,559‌

Tokyo

Electron 

329,600‌

161,218‌

Tosoh 

1,030,700‌

16,127‌

Toyota

Motor 

17,641,700‌

348,656‌

Welcia

Holdings 

1,699,300‌

45,894‌

Z

Holdings 

14,539,500‌

73,841‌

Total

Japan

(Cost

$3,563,846

)

4,620,963‌

NETHERLANDS

3.8%

Common

Stocks

3.8%

Akzo

Nobel 

1,257,261‌

130,136‌

ASML

Holding 

478,874‌

324,339‌

ING

Groep 

16,452,742‌

243,321‌

Koninklijke

Philips 

4,612,206‌

153,417‌

Total

Netherlands

(Cost

$545,865

)

851,213‌

NORWAY

2.8%

Common

Stocks

2.8%

DNB

Bank 

10,459,678‌

248,942‌

Equinor 

8,397,778‌

231,509‌

Storebrand 

14,422,358‌

153,762‌

Total

Norway

(Cost

$428,290

)

634,213‌

SINGAPORE

1.7%

Common

Stocks

1.7%

DBS

Group

Holdings 

3,564,600‌

93,631‌

United

Overseas

Bank 

7,377,800‌

164,884‌

Wilmar

International 

37,719,700‌

119,993‌

Total

Singapore

(Cost

$283,746

)

378,508‌

SOUTH

KOREA

2.1%

Common

Stocks

2.1%

Coupang

(USD) (1)(2)

783,850‌

16,320‌

KT (1)

2,243,527‌

58,946‌

NAVER 

361,981‌

95,614‌

Samsung

Electronics 

4,701,267‌

292,414‌

Total

South

Korea

(Cost

$259,194

)

463,294‌

T.

ROWE

PRICE

Overseas

Stock

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

SPAIN

0.4%

Common

Stocks

0.4%

Amadeus

IT

Group,

Class

A (1)

1,174,510‌

80,760‌

Total

Spain

(Cost

$59,830

)

80,760‌

SWEDEN

2.2%

Common

Stocks

2.2%

Autoliv,

SDR (2)

897,452‌

87,659‌

Elekta,

Class

B (2)

6,832,959‌

69,930‌

Svenska

Handelsbanken,

Class

A 

11,290,224‌

120,326‌

Telefonaktiebolaget

LM

Ericsson,

Class

B 

17,311,965‌

216,159‌

Total

Sweden

(Cost

$448,099

)

494,074‌

SWITZERLAND

9.1%

Common

Stocks

9.1%

ABB 

5,693,170‌

197,392‌

Alcon 

739,266‌

57,004‌

Barry

Callebaut 

43,399‌

99,628‌

Julius

Baer

Group 

1,988,670‌

129,959‌

Nestle 

5,247,190‌

677,614‌

Novartis 

3,507,157‌

304,735‌

Roche

Holding 

1,058,833‌

409,768‌

Zurich

Insurance

Group 

381,254‌

182,357‌

Total

Switzerland

(Cost

$1,475,963

)

2,058,457‌

TAIWAN

2.5%

Common

Stocks

2.5%

Largan

Precision 

519,000‌

38,460‌

Taiwan

Semiconductor

Manufacturing 

22,644,089‌

523,577‌

Total

Taiwan

(Cost

$172,032

)

562,037‌

UNITED

KINGDOM

14.7%

Common

Stocks

14.7%

Amcor,

CDI

(AUD) 

6,519,366‌

78,119‌

Ashtead

Group 

2,387,103‌

170,745‌

ASOS (1)

2,870,277‌

86,117‌

AstraZeneca,

ADR

(USD) 

3,973,900‌

231,321‌

T.

ROWE

PRICE

Overseas

Stock

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

Aviva 

10,631,007‌

62,765‌

Bridgepoint

Group (1)

10,216,697‌

53,177‌

Bunzl 

2,022,641‌

75,762‌

Close

Brothers

Group 

2,062,617‌

35,842‌

Compass

Group 

7,872,600‌

178,926‌

Diageo 

3,675,300‌

185,461‌

Direct

Line

Insurance

Group 

17,199,758‌

70,900‌

Dr.

Martens 

12,693,186‌

52,736‌

GlaxoSmithKline,

ADR

(USD) (2)

3,407,630‌

152,730‌

Great

Portland

Estates 

9,620,892‌

99,682‌

Johnson

Matthey 

3,800,228‌

100,359‌

Kingfisher 

41,632,433‌

186,695‌

Lloyds

Banking

Group 

177,875,584‌

123,441‌

Meggitt (1)

5,169,315‌

52,211‌

Melrose

Industries 

62,663,972‌

127,648‌

National

Grid 

10,531,640‌

154,109‌

Next 

1,227,601‌

125,075‌

Persimmon 

3,509,142‌

114,326‌

Royal

Dutch

Shell,

Class

B,

ADR

(USD) (1)

2,019,037‌

103,092‌

Standard

Chartered 

7,372,033‌

53,689‌

THG (1)

4,978,266‌

8,874‌

Unilever 

5,993,163‌

307,341‌

Vodafone

Group,

ADR

(USD) (2)

8,495,004‌

148,747‌

WPP 

10,817,897‌

169,630‌

Total

United

Kingdom

(Cost

$3,217,699

)

3,309,520‌

UNITED

STATES

2.0%

Common

Stocks

2.0%

Broadcom 

423,614‌

248,187‌

NXP

Semiconductors 

1,014,559‌

208,431‌

Total

United

States

(Cost

$124,389

)

456,618‌

SHORT-TERM

INVESTMENTS

2.2%

Money

Market

Funds

2.2%

T.

Rowe

Price

Government

Reserve

Fund,

0.09% (3)(4)

502,973,846‌

502,974‌

Total

Short-Term

Investments

(Cost

$502,974)

502,974‌

T.

ROWE

PRICE

Overseas

Stock

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

1.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

1.0%

Money

Market

Funds

1.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.09% (3)(4)

216,093,387‌

216,093‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

216,093‌

Total

Securities

Lending

Collateral

(Cost

$216,093)

216,093‌

Total

Investments

in

Securities

100.7%

(Cost

$17,711,006)

$

22,648,785‌

Other

Assets

Less

Liabilities

(0.7)%

(166,735)

Net

Assets

100.0%

$

22,482,050‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

January

31,

2022.

(3)

Seven-day

yield

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

GBP

British

Pound

HKD

Hong

Kong

Dollar

SDR

Swedish

Depository

Receipts

USD

U.S.

Dollar

T.

ROWE

PRICE

Overseas

Stock

Fund

9

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

January

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.09%

$

—‌

$

—‌

$

99‌

++

T.

Rowe

Price

Short-Term

Fund

—‌

—‌

—‌

++

Totals

$

—‌

#

$

—‌

$

99‌

+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/21

Purchase

Cost

Sales

Cost

Value

01/31/22

T.

Rowe

Price

Government

Reserve

Fund,

0.09%

$

509,898‌

¤

¤

$

719,067‌

T.

Rowe

Price

Short-Term

Fund

486,735‌

¤

¤

—‌

Total

$

719,067‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$99

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$719,067.

T.

ROWE

PRICE

Overseas

Stock

Fund

Unaudited

Notes

to

Portfolio

of

Investments

10

T.

Rowe

Price

Overseas

Stock

Fund

 (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s 

most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Overseas

Stock

Fund

11

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

T.

ROWE

PRICE

Overseas

Stock

Fund

12

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Overseas

Stock

Fund

13

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

January

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

SUBSEQUENT

EVENT 

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result,

Russia’s

central

bank

closed

the

country’s

stock

market

on

February

28,

2022,

and

Russian-related

stocks

and

debt

and

the

Russian

ruble

have

since

suffered

significant

declines

in

value.

In

addition,

this

armed

conflict

and

the

related

sanctions

may

cause

significant

disruptions

to

global

business

activity

and

volatility

in

global

financial

markets.

The

duration

of

the

conflict

and

related

economic

sanctions

and

their

effects

on

the

financial

markets

cannot

be

determined

with

certainty.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

such

events.

Management

is

actively

monitoring

these

events.

F165-054Q1

01/22 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,419,636‌

$

20,510,082‌

$

—‌

$

21,929,718‌

Short-Term

Investments

502,974‌

—‌

—‌

502,974‌

Securities

Lending

Collateral

216,093‌

—‌

—‌

216,093‌

Total

$

2,138,703‌

$

20,510,082‌

$

—‌

$

22,648,785‌